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Jakarta Post

Inalum, Vale sign agreement to start divestment

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Wed, October 16 2019   /  02:10 am

State-owned mining holding company Inalum has signed an agreement to acquire a 20 percent stake in publicly listed nickel miner Vale Indonesia as part of the mandatory divestment program.Under the divestment agreement signed in Jakarta on Oct. 11, the two companies are to finalize the terms of the acquisition by year-end, including the share valuation and ownership structure. The stock acquisition is to be completed six months after the terms have been finalized.“The agreement puts Vale in the right position to contribute to developing Indonesia and in reinforcing the company’s long-term goal of managing nickel resources to make production more value-added, sustainable and empowering for the country,” Vale Indonesia chief financial officer Bernardus Irmanto said in a statement following the signing.Inalum, which recently rebranded as MIND ID, said in a separate statement after the ...